Question

The accounts in the ledger of Sandhill Delivery Service contain the following balances on July 31,...

The accounts in the ledger of Sandhill Delivery Service contain the following balances on July 31, 2022. Accounts Receivable $14,800 Prepaid Insurance $ 3,500 Accounts Payable 9,800 Service Revenue 16,900 Cash ? Dividends 900 Equipment 59,470 Common Stock 40,110 Maintenance and Repairs Expense 3,358 Salaries and Wages Expense 9,428 Insurance Expense 700 Salaries and Wages Payable 950 Notes Payable (due 2025) 30,450 Retained Earnings (July 1, 2022) 6,500

Prepare a trial balance.

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Answer #1
Sandhill delivery service
Trial balance
For the month ended July 31,2022
Accounts Debit Credit
Cash $12,554
Accounts receivable $14,800
Prepaid insurance $3,500
Equipment $59,470
Accounts payable $9,800
Salaries & wages payable $950
Notes payable (due 2025) $30,450
Common stock $40,110
Retained earnings (July 1,2022) $6,500
Dividends $900
Service revenue $16,900
Salaries & wages expenses $9,428
Maintainence & repairs expense $3,358
Insurance expense $700
Total $104,710 $104,710

Note: Cash = total credit balance - total debit balance (excluding cash)

All the amounts used above are given in the question itself. In trial balance, Total Debit = Total credit i.e. it should satisfy the basic accounting equation which is Total Assets = Total liabilities + Shareholder's equity

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